 Last week’s market action displayed a familiar theme: investors are choosing to focus on growth — even if it’s fragile — and political clarity, however fleeting. US equities roared to record highs as a wave of macro and policy news washed over Wall Street. Yet the outlook is far from simple. The 90-day tariff truce expires July 9. Markets are now facing a unilateral shift in US policy that threatens to escalate trade tensions. The era of bespoke deals appears to be giving way to a blanket tariff regime. The risk of fragmentation in global trade architecture is also growing by the day. In the currency markets, Swiss Franc stood out as the strongest performer, supported by a better-than-expected inflation report that eased deflation fears. On the flip side, Sterling was hammered by domestic political uncertainty. The contrast is clearly reflected in the downturn of GBP/CHF, logging the largest weekly drop among major currency pairs and crosses. Overall, Lonnie was the second best, while Euro was third. Dollar was the second worst, trailed by Kiwi. Euro and Yen ended in the middle...... | 
